- Customer Retention Rate
- Average Order Value
- Customer Lifetime Value
- Net Promoter Score
- Loyal Customer Rate
- Customer Growth Rate
- Share of Wallet
- Customer Retention Cost
- Profitability Per Order
The cost of running high-conversion ads are going up and the number of people being reached is going down. It costs money to generate leads, create a brand image, and push customers to take that first step.
All the money, time, and efforts of acquiring a new customer are wasted if you do not retain your existing customers.
If putting together a comprehensive customer retention plan currently feels difficult, then start small. Begin with one metric at a time.
You’ll soon realize that focusing on one north-star metric will snowball into every other metric taking the course. Begin by tracking a few metrics mentioned here and you’ll be headed in the right direction.
Customer Churn Rate. Keep a constant check on the early signs of customer churn through the metrics mentioned above. Measure. Optimize. Evolve.
Remember, improvement is a gradual and constantly evolving process. Hacks can give you momentary spikes in your metrics, but sustained growth comes with time.
What get’s measured, get’s managed!